Commission File Number | Exact name of registrants as specified in their charters, address of principal executive offices and registrants' telephone number | IRS Employer Identification Number | ||||||||||||
Registrants | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||||
NextEra Energy, Inc. | ||||||||||||||||||||
Florida Power & Light Company | None |
Exhibit Number | Description | NextEra Energy, Inc. | Florida Power & Light Company | |||||||||||||||||
99 | x | x | ||||||||||||||||||
101 | Interactive data files for this Form 8-K formatted in Inline XBRL | x | x | |||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | x | x |
JAMES M. MAY | ||||||||
James M. May Vice President, Controller and Chief Accounting Officer |
KEITH FERGUSON | ||||||||
Keith Ferguson Controller |
NextEra Energy, Inc. Media Line: 561-694-4442 Oct. 28, 2022 FOR IMMEDIATE RELEASE |
As previously announced, NextEra Energy's third-quarter 2022 financial results conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be the third-quarter 2022 financial results for NextEra Energy Partners, LP (NYSE: NEP). The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The news release and slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the same link as listed above. |
Preliminary | ||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | FPL | NEER | Corporate and Other(a) | NextEra Energy | ||||||||||||||||||||||
Operating Revenues | $ | 5,075 | $ | 1,652 | $ | (8) | $ | 6,719 | ||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||
Fuel, purchased power and interchange | 1,733 | 235 | (35) | 1,933 | ||||||||||||||||||||||
Other operations and maintenance | 511 | 585 | 129 | 1,225 | ||||||||||||||||||||||
Depreciation and amortization | 829 | 437 | 23 | 1,289 | ||||||||||||||||||||||
Taxes other than income taxes and other – net | 495 | 84 | 2 | 581 | ||||||||||||||||||||||
Total operating expenses – net | 3,568 | 1,341 | 119 | 5,028 | ||||||||||||||||||||||
Gains (losses) on disposal of businesses/assets – net | — | 173 | (2) | 171 | ||||||||||||||||||||||
Operating Income (Loss) | 1,507 | 484 | (129) | 1,862 | ||||||||||||||||||||||
Other Income (Deductions) | ||||||||||||||||||||||||||
Interest expense | (200) | (53) | (6) | (259) | ||||||||||||||||||||||
Equity in earnings of equity method investees | — | 196 | — | 196 | ||||||||||||||||||||||
Allowance for equity funds used during construction | 19 | 1 | — | 20 | ||||||||||||||||||||||
Gains on disposal of investments and other property – net | — | 51 | — | 51 | ||||||||||||||||||||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net | — | (141) | — | (141) | ||||||||||||||||||||||
Other net periodic benefit income | — | — | 70 | 70 | ||||||||||||||||||||||
Other – net | 9 | 63 | 11 | 83 | ||||||||||||||||||||||
Total other income (deductions) – net | (172) | 117 | 75 | 20 | ||||||||||||||||||||||
Income (Loss) before Income Taxes | 1,335 | 601 | (54) | 1,882 | ||||||||||||||||||||||
Income Tax Expense (Benefit) | 261 | 83 | (21) | 323 | ||||||||||||||||||||||
Net Income (Loss) | 1,074 | 518 | (33) | 1,559 | ||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | — | 137 | — | 137 | ||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 1,074 | $ | 655 | $ | (33) | $ | 1,696 | ||||||||||||||||||
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 1,074 | $ | 655 | $ | (33) | $ | 1,696 | ||||||||||||||||||
Adjustments – pretax:(b) | ||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | (8) | (116) | (124) | ||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | — | 137 | — | 137 | ||||||||||||||||||||||
Differential membership interests – related | — | 38 | — | 38 | ||||||||||||||||||||||
NEP investment gains – net | — | (99) | — | (99) | ||||||||||||||||||||||
Impairment charge related to investment in Mountain Valley Pipeline | — | 32 | — | 32 | ||||||||||||||||||||||
Less related income tax expense (benefit) | — | (26) | 29 | 3 | ||||||||||||||||||||||
Adjusted Earnings (Loss) | $ | 1,074 | $ | 729 | $ | (120) | $ | 1,683 | ||||||||||||||||||
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.54 | $ | 0.33 | $ | (0.01) | $ | 0.86 | ||||||||||||||||||
Adjustments – pretax:(b) | ||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | — | (0.06) | (0.06) | ||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | — | 0.07 | — | 0.07 | ||||||||||||||||||||||
Differential membership interests – related | — | 0.02 | — | 0.02 | ||||||||||||||||||||||
NEP investment gains – net | — | (0.05) | — | (0.05) | ||||||||||||||||||||||
Impairment charge related to investment in Mountain Valley Pipeline | — | 0.02 | — | 0.02 | ||||||||||||||||||||||
Less related income tax expense (benefit) | — | (0.02) | 0.01 | (0.01) | ||||||||||||||||||||||
Adjusted Earnings (Loss) Per Share | $ | 0.54 | $ | 0.37 | $ | (0.06) | $ | 0.85 | ||||||||||||||||||
Weighted-average shares outstanding (assuming dilution) | 1,979 |
———————————— | |||||||||||||||||||||||||||||||||||||||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||||||||||||||||||||||||||||||||||||||
(b) | After tax impact by segment is as follows: | NEER | Corporate and Other | NextEra Energy | |||||||||||||||||||||||||||||||||||||
Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | ||||||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | $ | (3) | $ | — | $ | (87) | $ | (0.05) | $ | (90) | $ | (0.05) | |||||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | $ | 99 | $ | 0.06 | $ | — | $ | — | $ | 99 | $ | 0.06 | |||||||||||||||||||||||||||||
Differential membership interests – related | $ | 29 | $ | 0.01 | $ | — | $ | — | $ | 29 | $ | 0.01 | |||||||||||||||||||||||||||||
NEP investment gains – net | $ | (75) | $ | (0.04) | $ | — | $ | — | $ | (75) | $ | (0.04) | |||||||||||||||||||||||||||||
Impairment charge related to investment in Mountain Valley Pipeline | $ | 24 | $ | 0.01 | $ | — | $ | — | $ | 24 | $ | 0.01 | |||||||||||||||||||||||||||||
Preliminary | ||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | FPL(a) | NEER | Corporate and Other(a)(b) | NextEra Energy | ||||||||||||||||||||||
Operating Revenues | $ | 4,134 | $ | 258 | $ | (22) | $ | 4,370 | ||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||
Fuel, purchased power and interchange | 1,218 | 197 | (32) | 1,383 | ||||||||||||||||||||||
Other operations and maintenance | 416 | 439 | 55 | 910 | ||||||||||||||||||||||
Depreciation and amortization | 815 | 395 | 20 | 1,230 | ||||||||||||||||||||||
Taxes other than income taxes and other – net | 419 | 62 | — | 481 | ||||||||||||||||||||||
Total operating expenses – net | 2,868 | 1,093 | 43 | 4,004 | ||||||||||||||||||||||
Gains (losses) on disposal of businesses/assets – net | — | 12 | 1 | 13 | ||||||||||||||||||||||
Operating Income (Loss) | 1,266 | (823) | (64) | 379 | ||||||||||||||||||||||
Other Income (Deductions) | ||||||||||||||||||||||||||
Interest expense | (152) | (117) | (66) | (335) | ||||||||||||||||||||||
Equity in earnings of equity method investees | — | 109 | — | 109 | ||||||||||||||||||||||
Allowance for equity funds used during construction | 35 | 3 | (1) | 37 | ||||||||||||||||||||||
Gains on disposal of investments and other property – net | — | 17 | — | 17 | ||||||||||||||||||||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net | — | (26) | — | (26) | ||||||||||||||||||||||
Other net periodic benefit income | — | — | 64 | 64 | ||||||||||||||||||||||
Other – net | 8 | 25 | (1) | 32 | ||||||||||||||||||||||
Total other income (deductions) – net | (109) | 11 | (4) | (102) | ||||||||||||||||||||||
Income (Loss) before Income Taxes | 1,157 | (812) | (68) | 277 | ||||||||||||||||||||||
Income Tax Expense (Benefit) | 230 | (241) | (16) | (27) | ||||||||||||||||||||||
Net Income (Loss) | 927 | (571) | (52) | 304 | ||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | — | 143 | — | 143 | ||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 927 | $ | (428) | $ | (52) | $ | 447 | ||||||||||||||||||
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 927 | $ | (428) | $ | (52) | $ | 447 | ||||||||||||||||||
Adjustments – pretax:(c) | ||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | 1,245 | (15) | 1,230 | ||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | — | 24 | — | 24 | ||||||||||||||||||||||
Differential membership interests – related | — | 40 | — | 40 | ||||||||||||||||||||||
NEP investment gains – net | — | 63 | — | 63 | ||||||||||||||||||||||
Less related income tax expense (benefit) | — | (325) | 4 | (321) | ||||||||||||||||||||||
Adjusted Earnings (Loss) | $ | 927 | $ | 619 | $ | (63) | $ | 1,483 | ||||||||||||||||||
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.47 | $ | (0.22) | $ | (0.02) | $ | 0.23 | ||||||||||||||||||
Adjustments – pretax:(c) | ||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | 0.63 | (0.01) | 0.62 | ||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | — | 0.01 | — | 0.01 | ||||||||||||||||||||||
Differential membership interests – related | — | 0.02 | — | 0.02 | ||||||||||||||||||||||
NEP investment gains – net | — | 0.03 | — | 0.03 | ||||||||||||||||||||||
Less related income tax expense (benefit) | — | (0.16) | — | (0.16) | ||||||||||||||||||||||
Adjusted Earnings (Loss) Per Share | $ | 0.47 | $ | 0.31 | $ | (0.03) | $ | 0.75 | ||||||||||||||||||
Weighted-average shares outstanding (assuming dilution) | 1,973 |
———————————— | |||||||||||||||||||||||||||||||||||||||||
(a) | Florida Power & Light completed the regulatory integration of Gulf Power under its 2021 base rate settlement agreement and began serving customers under unified rates on January 1, 2022. As a result, Gulf Power is no longer a separate reporting segment. Amounts have been retrospectively adjusted to reflect the segment change. | ||||||||||||||||||||||||||||||||||||||||
(b) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||||||||||||||||||||||||||||||||||||||
(c) | After tax impact by segment is as follows: | NEER | Corporate and Other | NextEra Energy | |||||||||||||||||||||||||||||||||||||
Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | ||||||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | $ | 952 | $ | 0.48 | $ | (11) | $ | (0.01) | $ | 941 | $ | 0.47 | |||||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | $ | 17 | $ | 0.01 | $ | — | $ | — | $ | 17 | $ | 0.01 | |||||||||||||||||||||||||||||
Differential membership interests – related | $ | 30 | $ | 0.02 | $ | — | $ | — | $ | 30 | $ | 0.02 | |||||||||||||||||||||||||||||
NEP investment gains – net | $ | 48 | $ | 0.02 | $ | — | $ | — | $ | 48 | $ | 0.02 | |||||||||||||||||||||||||||||
Preliminary | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | FPL | NEER | Corporate and Other(a) | NextEra Energy | ||||||||||||||||||||||
Operating Revenues | $ | 13,211 | $ | 1,627 | $ | (46) | $ | 14,792 | ||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||
Fuel, purchased power and interchange | 4,364 | 624 | (100) | 4,888 | ||||||||||||||||||||||
Other operations and maintenance | 1,349 | 1,602 | 210 | 3,161 | ||||||||||||||||||||||
Depreciation and amortization | 2,006 | 1,257 | 69 | 3,332 | ||||||||||||||||||||||
Taxes other than income taxes and other – net | 1,341 | 229 | 2 | 1,572 | ||||||||||||||||||||||
Total operating expenses – net | 9,060 | 3,712 | 181 | 12,953 | ||||||||||||||||||||||
Gains (losses) on disposal of businesses/assets – net | 1 | 208 | (13) | 196 | ||||||||||||||||||||||
Operating Income (Loss) | 4,152 | (1,877) | (240) | 2,035 | ||||||||||||||||||||||
Other Income (Deductions) | ||||||||||||||||||||||||||
Interest expense | (554) | 65 | 589 | 100 | ||||||||||||||||||||||
Equity in earnings of equity method investees | — | 179 | 1 | 180 | ||||||||||||||||||||||
Allowance for equity funds used during construction | 82 | 6 | — | 88 | ||||||||||||||||||||||
Gains on disposal of investments and other property – net | — | 83 | — | 83 | ||||||||||||||||||||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net | — | (569) | — | (569) | ||||||||||||||||||||||
Other net periodic benefit income | — | — | 159 | 159 | ||||||||||||||||||||||
Other – net | 10 | 151 | (1) | 160 | ||||||||||||||||||||||
Total other income (deductions) – net | (462) | (85) | 748 | 201 | ||||||||||||||||||||||
Income (Loss) before Income Taxes | 3,690 | (1,962) | 508 | 2,236 | ||||||||||||||||||||||
Income Tax Expense (Benefit) | 751 | (605) | 111 | 257 | ||||||||||||||||||||||
Net Income (Loss) | 2,939 | (1,357) | 397 | 1,979 | ||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | — | 646 | — | 646 | ||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 2,939 | $ | (711) | $ | 397 | $ | 2,625 | ||||||||||||||||||
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 2,939 | $ | (711) | $ | 397 | $ | 2,625 | ||||||||||||||||||
Adjustments – pretax:(b) | ||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | 2,109 | (861) | 1,248 | ||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | — | 562 | — | 562 | ||||||||||||||||||||||
Differential membership interests-related | — | 94 | — | 94 | ||||||||||||||||||||||
NEP investment gains – net | — | 13 | — | 13 | ||||||||||||||||||||||
Impairment charge related to investment in Mountain Valley Pipeline | — | 838 | — | 838 | ||||||||||||||||||||||
Less related income tax expense (benefit) | — | (865) | 216 | (649) | ||||||||||||||||||||||
Adjusted Earnings (Loss) | $ | 2,939 | $ | 2,040 | $ | (248) | $ | 4,731 | ||||||||||||||||||
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 1.49 | $ | (0.36) | $ | 0.20 | $ | 1.33 | ||||||||||||||||||
Adjustments – pretax:(b) | ||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | 1.07 | (0.44) | 0.63 | ||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | — | 0.29 | — | 0.29 | ||||||||||||||||||||||
Differential membership interests-related | — | 0.05 | — | 0.05 | ||||||||||||||||||||||
NEP investment gains – net | — | 0.01 | — | 0.01 | ||||||||||||||||||||||
Impairment charge related to investment in Mountain Valley Pipeline | — | 0.42 | — | 0.42 | ||||||||||||||||||||||
Less related income tax expense (benefit) | — | (0.45) | 0.12 | (0.33) | ||||||||||||||||||||||
Adjusted Earnings (Loss) Per Share | $ | 1.49 | $ | 1.03 | $ | (0.12) | $ | 2.40 | ||||||||||||||||||
Weighted-average shares outstanding (assuming dilution) | 1,974 |
———————————— | |||||||||||||||||||||||||||||||||||||||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||||||||||||||||||||||||||||||||||||||
(b) | After tax impact by segment is as follows: | NEER | Corporate and Other | NextEra Energy | |||||||||||||||||||||||||||||||||||||
Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | ||||||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | $ | 1,619 | $ | 0.81 | $ | (645) | $ | (0.32) | $ | 974 | $ | 0.49 | |||||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | $ | 403 | $ | 0.21 | $ | — | $ | — | $ | 403 | $ | 0.21 | |||||||||||||||||||||||||||||
Differential membership interests-related | $ | 71 | $ | 0.04 | $ | — | $ | — | $ | 71 | $ | 0.04 | |||||||||||||||||||||||||||||
NEP investment gains – net | $ | 8 | $ | — | $ | — | $ | — | $ | 8 | $ | — | |||||||||||||||||||||||||||||
Impairment charge related to investment in Mountain Valley Pipeline | $ | 650 | $ | 0.33 | $ | — | $ | — | $ | 650 | $ | 0.33 | |||||||||||||||||||||||||||||
Preliminary | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | FPL(a) | NEER | Corporate and Other(a)(b) | NextEra Energy | ||||||||||||||||||||||
Operating Revenues | $ | 10,673 | $ | 1,420 | $ | (70) | $ | 12,023 | ||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||
Fuel, purchased power and interchange | 2,953 | 532 | (92) | 3,393 | ||||||||||||||||||||||
Other operations and maintenance | 1,211 | 1,390 | 163 | 2,764 | ||||||||||||||||||||||
Depreciation and amortization | 1,724 | 1,174 | 62 | 2,960 | ||||||||||||||||||||||
Taxes other than income taxes and other – net | 1,176 | 193 | (1) | 1,368 | ||||||||||||||||||||||
Total operating expenses – net | 7,064 | 3,289 | 132 | 10,485 | ||||||||||||||||||||||
Gains (losses) on disposal of businesses/assets – net | 1 | 25 | (6) | 20 | ||||||||||||||||||||||
Operating Income (Loss) | 3,610 | (1,844) | (208) | 1,558 | ||||||||||||||||||||||
Other Income (Deductions) | ||||||||||||||||||||||||||
Interest expense | (461) | (249) | 39 | (671) | ||||||||||||||||||||||
Equity in earnings of equity method investees | — | 465 | — | 465 | ||||||||||||||||||||||
Allowance for equity funds used during construction | 93 | 7 | — | 100 | ||||||||||||||||||||||
Gains on disposal of investments and other property – net | — | 68 | 1 | 69 | ||||||||||||||||||||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net | — | 137 | — | 137 | ||||||||||||||||||||||
Other net periodic benefit income | — | — | 193 | 193 | ||||||||||||||||||||||
Other – net | 11 | 95 | 1 | 107 | ||||||||||||||||||||||
Total other income (deductions) – net | (357) | 523 | 234 | 400 | ||||||||||||||||||||||
Income (Loss) before Income Taxes | 3,253 | (1,321) | 26 | 1,958 | ||||||||||||||||||||||
Income Tax Expense (Benefit) | 667 | (574) | (9) | 84 | ||||||||||||||||||||||
Net Income (Loss) | 2,586 | (747) | 35 | 1,874 | ||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | — | 495 | — | 495 | ||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 2,586 | $ | (252) | $ | 35 | $ | 2,369 | ||||||||||||||||||
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 2,586 | $ | (252) | $ | 35 | $ | 2,369 | ||||||||||||||||||
Adjustments – pretax:(c) | ||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | 2,538 | (277) | 2,261 | ||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | — | (143) | — | (143) | ||||||||||||||||||||||
Differential membership interests-related | — | 101 | — | 101 | ||||||||||||||||||||||
NEP investment gains – net | — | 170 | — | 170 | ||||||||||||||||||||||
Less related income tax expense (benefit) | — | (623) | 72 | (551) | ||||||||||||||||||||||
Adjusted Earnings (Loss) | $ | 2,586 | $ | 1,791 | $ | (170) | $ | 4,207 | ||||||||||||||||||
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 1.31 | $ | (0.13) | $ | 0.02 | $ | 1.20 | ||||||||||||||||||
Adjustments – pretax:(c) | ||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | 1.29 | (0.14) | 1.15 | ||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | — | (0.07) | — | (0.07) | ||||||||||||||||||||||
Differential membership interests-related | — | 0.05 | — | 0.05 | ||||||||||||||||||||||
NEP investment gains – net | — | 0.09 | — | 0.09 | ||||||||||||||||||||||
Less related income tax expense (benefit) | — | (0.32) | 0.03 | (0.29) | ||||||||||||||||||||||
Adjusted Earnings (Loss) Per Share | $ | 1.31 | $ | 0.91 | $ | (0.09) | $ | 2.13 | ||||||||||||||||||
Weighted-average shares outstanding (assuming dilution) | 1,971 |
———————————— | |||||||||||||||||||||||||||||||||||||||||
(a) | Florida Power & Light completed the regulatory integration of Gulf Power under its 2021 base rate settlement agreement and began serving customers under unified rates on January 1, 2022. As a result, Gulf Power is no longer a separate reporting segment. Amounts have been retrospectively adjusted to reflect the segment change. | ||||||||||||||||||||||||||||||||||||||||
(b) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||||||||||||||||||||||||||||||||||||||
(c) | After tax impact by segment is as follows: | NEER | Corporate and Other | NextEra Energy | |||||||||||||||||||||||||||||||||||||
Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | ||||||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | $ | 1,937 | $ | 0.98 | $ | (205) | $ | (0.11) | $ | 1,732 | $ | 0.87 | |||||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | $ | (103) | $ | (0.05) | $ | — | $ | — | $ | (103) | $ | (0.05) | |||||||||||||||||||||||||||||
Differential membership interests-related | $ | 76 | $ | 0.04 | $ | — | $ | — | $ | 76 | $ | 0.04 | |||||||||||||||||||||||||||||
NEP investment gains – net | $ | 133 | $ | 0.07 | $ | — | $ | — | $ | 133 | $ | 0.07 | |||||||||||||||||||||||||||||
NextEra Energy, Inc. | ||||||||||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||
(millions) (unaudited) | Preliminary | |||||||||||||||||||||||||
September 30, 2022 | FPL | NEER | Corporate and Other(a) | NextEra Energy | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,218 | $ | 719 | $ | 571 | $ | 2,508 | ||||||||||||||||||
Customer receivables, net of allowances | 2,036 | 2,516 | 1 | 4,553 | ||||||||||||||||||||||
Other receivables | 544 | 449 | (217) | 776 | ||||||||||||||||||||||
Materials, supplies and fuel inventory | 1,073 | 718 | — | 1,791 | ||||||||||||||||||||||
Regulatory assets | 608 | 11 | 1 | 620 | ||||||||||||||||||||||
Derivatives | 52 | 1,377 | 2 | 1,431 | ||||||||||||||||||||||
Other | 141 | 1,003 | 68 | 1,212 | ||||||||||||||||||||||
Total current assets | 5,672 | 6,793 | 426 | 12,891 | ||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||
Property, plant and equipment – net | 62,212 | 45,702 | 533 | 108,447 | ||||||||||||||||||||||
Special use funds | 5,048 | 2,147 | — | 7,195 | ||||||||||||||||||||||
Investment in equity method investees | — | 6,307 | 9 | 6,316 | ||||||||||||||||||||||
Prepaid benefit costs | 1,716 | 3 | 622 | 2,341 | ||||||||||||||||||||||
Regulatory assets | 6,690 | 215 | 34 | 6,939 | ||||||||||||||||||||||
Derivatives | 2 | 2,047 | 64 | 2,113 | ||||||||||||||||||||||
Goodwill | 2,989 | 1,872 | 11 | 4,872 | ||||||||||||||||||||||
Other | 824 | 4,768 | (297) | 5,295 | ||||||||||||||||||||||
Total other assets | 79,481 | 63,061 | 976 | 143,518 | ||||||||||||||||||||||
TOTAL ASSETS | $ | 85,153 | $ | 69,854 | $ | 1,402 | $ | 156,409 | ||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Commercial paper | $ | — | $ | — | $ | 925 | $ | 925 | ||||||||||||||||||
Other short-term debt | 200 | 38 | 1,700 | 1,938 | ||||||||||||||||||||||
Current portion of long-term debt | 1,546 | 589 | 5,157 | 7,292 | ||||||||||||||||||||||
Accounts payable | 1,569 | 5,600 | (20) | 7,149 | ||||||||||||||||||||||
Customer deposits | 517 | 8 | — | 525 | ||||||||||||||||||||||
Accrued interest and taxes | 932 | 233 | 114 | 1,279 | ||||||||||||||||||||||
Derivatives | 20 | 2,825 | 124 | 2,969 | ||||||||||||||||||||||
Accrued construction-related expenditures | 549 | 1,342 | — | 1,891 | ||||||||||||||||||||||
Regulatory liabilities | 401 | 7 | 2 | 410 | ||||||||||||||||||||||
Other | 1,772 | 1,205 | 438 | 3,415 | ||||||||||||||||||||||
Total current liabilities | 7,506 | 11,847 | 8,440 | 27,793 | ||||||||||||||||||||||
Other liabilities and deferred credits: | ||||||||||||||||||||||||||
Long-term debt | 19,452 | 6,377 | 28,841 | 54,670 | ||||||||||||||||||||||
Asset retirement obligations | 2,091 | 1,105 | — | 3,196 | ||||||||||||||||||||||
Deferred income taxes | 8,150 | 2,383 | (1,808) | 8,725 | ||||||||||||||||||||||
Regulatory liabilities | 9,294 | 157 | 79 | 9,530 | ||||||||||||||||||||||
Derivatives | 4 | 3,020 | 43 | 3,067 | ||||||||||||||||||||||
Other | 424 | 2,057 | 201 | 2,682 | ||||||||||||||||||||||
Total other liabilities and deferred credits | 39,415 | 15,099 | 27,356 | 81,870 | ||||||||||||||||||||||
TOTAL LIABILITIES | 46,921 | 26,946 | 35,796 | 109,663 | ||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||||
Common stock | 1,373 | — | (1,353) | 20 | ||||||||||||||||||||||
Additional paid-in capital | 23,636 | 15,358 | (26,300) | 12,694 | ||||||||||||||||||||||
Retained earnings | 13,223 | 19,561 | (6,755) | 26,029 | ||||||||||||||||||||||
Accumulated other comprehensive income (loss) | — | (128) | 14 | (114) | ||||||||||||||||||||||
Total common shareholders' equity | 38,232 | 34,791 | (34,394) | 38,629 | ||||||||||||||||||||||
Noncontrolling interests | — | 8,117 | — | 8,117 | ||||||||||||||||||||||
TOTAL EQUITY | 38,232 | 42,908 | (34,394) | 46,746 | ||||||||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 85,153 | $ | 69,854 | $ | 1,402 | $ | 156,409 |
———————————— | |||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
NextEra Energy, Inc. | ||||||||||||||||||||||||||
Condensed Consolidated Balance Sheets | Preliminary | |||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
December 31, 2021 | FPL(a) | NEER | Corporate and Other(a)(b) | NextEra Energy | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 55 | $ | 562 | $ | 22 | $ | 639 | ||||||||||||||||||
Customer receivables, net of allowances | 1,297 | 2,081 | — | 3,378 | ||||||||||||||||||||||
Other receivables | 350 | 496 | (116) | 730 | ||||||||||||||||||||||
Materials, supplies and fuel inventory | 963 | 598 | — | 1,561 | ||||||||||||||||||||||
Regulatory assets | 1,111 | 14 | — | 1,125 | ||||||||||||||||||||||
Derivatives | 13 | 677 | (1) | 689 | ||||||||||||||||||||||
Other | 129 | 1,035 | 2 | 1,166 | ||||||||||||||||||||||
Total current assets | 3,918 | 5,463 | (93) | 9,288 | ||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||
Property, plant and equipment – net | 58,227 | 40,900 | 221 | 99,348 | ||||||||||||||||||||||
Special use funds | 6,158 | 2,764 | — | 8,922 | ||||||||||||||||||||||
Investment in equity method investees | — | 6,150 | 9 | 6,159 | ||||||||||||||||||||||
Prepaid benefit costs | 1,657 | 3 | 583 | 2,243 | ||||||||||||||||||||||
Regulatory assets | 4,343 | 202 | 33 | 4,578 | ||||||||||||||||||||||
Derivatives | — | 1,095 | 40 | 1,135 | ||||||||||||||||||||||
Goodwill | 2,989 | 1,843 | 12 | 4,844 | ||||||||||||||||||||||
Other | 775 | 3,693 | (73) | 4,395 | ||||||||||||||||||||||
Total other assets | 74,149 | 56,650 | 825 | 131,624 | ||||||||||||||||||||||
TOTAL ASSETS | $ | 78,067 | $ | 62,113 | $ | 732 | $ | 140,912 | ||||||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Commercial paper | $ | 1,382 | $ | — | $ | — | $ | 1,382 | ||||||||||||||||||
Other short-term debt | 200 | — | 500 | 700 | ||||||||||||||||||||||
Current portion of long-term debt | 536 | 664 | 585 | 1,785 | ||||||||||||||||||||||
Accounts payable | 1,318 | 5,670 | (53) | 6,935 | ||||||||||||||||||||||
Customer deposits | 478 | 6 | 1 | 485 | ||||||||||||||||||||||
Accrued interest and taxes | 322 | 168 | 35 | 525 | ||||||||||||||||||||||
Derivatives | 9 | 1,214 | 40 | 1,263 | ||||||||||||||||||||||
Accrued construction-related expenditures | 601 | 777 | — | 1,378 | ||||||||||||||||||||||
Regulatory liabilities | 278 | 9 | 2 | 289 | ||||||||||||||||||||||
Other | 634 | 1,651 | 410 | 2,695 | ||||||||||||||||||||||
Total current liabilities | 5,758 | 10,159 | 1,520 | 17,437 | ||||||||||||||||||||||
Other liabilities and deferred credits: | ||||||||||||||||||||||||||
Long-term debt | 17,974 | 6,755 | 26,231 | 50,960 | ||||||||||||||||||||||
Asset retirement obligations | 2,049 | 1,033 | — | 3,082 | ||||||||||||||||||||||
Deferred income taxes | 7,137 | 2,838 | (1,665) | 8,310 | ||||||||||||||||||||||
Regulatory liabilities | 11,053 | 141 | 79 | 11,273 | ||||||||||||||||||||||
Derivatives | 1 | 1,129 | 583 | 1,713 | ||||||||||||||||||||||
Other | 501 | 1,790 | 177 | 2,468 | ||||||||||||||||||||||
Total other liabilities and deferred credits | 38,715 | 13,686 | 25,405 | 77,806 | ||||||||||||||||||||||
TOTAL LIABILITIES | 44,473 | 23,845 | 26,925 | 95,243 | ||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||
REDEEMABLE NONCONTROLLING INTERESTS | — | 245 | — | 245 | ||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||||
Common stock | 1,373 | — | (1,353) | 20 | ||||||||||||||||||||||
Additional paid-in capital | 19,936 | 9,560 | (18,225) | 11,271 | ||||||||||||||||||||||
Retained earnings | 12,285 | 20,272 | (6,646) | 25,911 | ||||||||||||||||||||||
Accumulated other comprehensive income (loss) | — | (31) | 31 | — | ||||||||||||||||||||||
Total common shareholders' equity | 33,594 | 29,801 | (26,193) | 37,202 | ||||||||||||||||||||||
Noncontrolling interests | — | 8,222 | — | 8,222 | ||||||||||||||||||||||
TOTAL EQUITY | 33,594 | 38,023 | (26,193) | 45,424 | ||||||||||||||||||||||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $ | 78,067 | $ | 62,113 | $ | 732 | $ | 140,912 |
———————————— | |||||
(a) | Florida Power & Light completed the regulatory integration of Gulf Power under its 2021 base rate settlement agreement and began serving customers under unified rates on January 1, 2022. As a result, Gulf Power is no longer a separate reporting segment. Amounts have been retrospectively adjusted to reflect the segment change. | ||||
(b) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
Preliminary | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | FPL | NEER | Corporate and Other(a) | NextEra Energy | ||||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||||
Net income (loss) | $ | 2,939 | $ | (1,357) | $ | 397 | $ | 1,979 | ||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 2,006 | 1,257 | 69 | 3,332 | ||||||||||||||||||||||
Nuclear fuel and other amortization | 135 | 48 | 28 | 211 | ||||||||||||||||||||||
Unrealized losses (gains) on marked to market derivative contracts – net | 1 | 2,400 | (477) | 1,924 | ||||||||||||||||||||||
Unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds – net | — | 569 | — | 569 | ||||||||||||||||||||||
Foreign currency transaction losses (gains) | — | (9) | (153) | (162) | ||||||||||||||||||||||
Deferred income taxes | 771 | (650) | 87 | 208 | ||||||||||||||||||||||
Cost recovery clauses and franchise fees | (1,295) | — | — | (1,295) | ||||||||||||||||||||||
Equity in earnings of equity method investees | — | (179) | (1) | (180) | ||||||||||||||||||||||
Distributions of earnings from equity method investees | — | 408 | — | 408 | ||||||||||||||||||||||
Losses (gains) on disposal of businesses, assets and investments – net | (1) | (291) | 13 | (279) | ||||||||||||||||||||||
Recoverable storm-related costs | (26) | — | — | (26) | ||||||||||||||||||||||
Other – net | 9 | (111) | 73 | (29) | ||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
Current assets | (934) | (350) | 46 | (1,238) | ||||||||||||||||||||||
Noncurrent assets | (48) | 15 | (33) | (66) | ||||||||||||||||||||||
Current liabilities | 899 | 684 | 226 | 1,809 | ||||||||||||||||||||||
Noncurrent liabilities | 94 | (38) | 46 | 102 | ||||||||||||||||||||||
Net cash provided by (used in) operating activities | 4,550 | 2,396 | 321 | 7,267 | ||||||||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||||
Capital expenditures of FPL | (6,021) | — | — | (6,021) | ||||||||||||||||||||||
Independent power and other investments of NEER | — | (7,252) | — | (7,252) | ||||||||||||||||||||||
Nuclear fuel purchases | (67) | (38) | — | (105) | ||||||||||||||||||||||
Other capital expenditures | — | — | (451) | (451) | ||||||||||||||||||||||
Sale of independent power and other investments of NEER | — | 575 | — | 575 | ||||||||||||||||||||||
Proceeds from sale or maturity of securities in special use funds and other investments | 1,738 | 840 | 318 | 2,896 | ||||||||||||||||||||||
Purchases of securities in special use funds and other investments | (1,833) | (1,296) | (367) | (3,496) | ||||||||||||||||||||||
Other – net | (7) | (135) | 147 | 5 | ||||||||||||||||||||||
Net cash used in investing activities | (6,190) | (7,306) | (353) | (13,849) | ||||||||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||||
Issuances of long-term debt, including premiums and discounts | 2,942 | 49 | 8,625 | 11,616 | ||||||||||||||||||||||
Retirements of long-term debt | (441) | (428) | (1,268) | (2,137) | ||||||||||||||||||||||
Proceeds from differential membership investors | — | 443 | — | 443 | ||||||||||||||||||||||
Net change in commercial paper | (1,382) | — | 925 | (457) | ||||||||||||||||||||||
Proceeds from other short-term debt | — | — | 1,725 | 1,725 | ||||||||||||||||||||||
Repayments of other short-term debt | — | — | (525) | (525) | ||||||||||||||||||||||
Payments from related parties under a cash sweep and credit support agreement – net | — | 8 | — | 8 | ||||||||||||||||||||||
Issuances of common stock/equity units – net | — | — | 1,458 | 1,458 | ||||||||||||||||||||||
Dividends on common stock | — | — | (2,507) | (2,507) | ||||||||||||||||||||||
Dividends & capital distributions from (to) parent – net | 1,700 | 5,833 | (7,533) | — | ||||||||||||||||||||||
Other – net | (36) | (32) | (318) | (386) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 2,783 | 5,873 | 582 | 9,238 | ||||||||||||||||||||||
Effects of currency translation on cash, cash equivalents and restricted cash | — | (5) | — | (5) | ||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,143 | 958 | 550 | 2,651 | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 108 | 1,184 | 24 | 1,316 | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,251 | $ | 2,142 | $ | 574 | $ | 3,967 |
———————————— | |||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
Preliminary | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | FPL(a) | NEER | Corporate and Other(a)(b) | NextEra Energy | ||||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||||
Net income (loss) | $ | 2,586 | $ | (747) | $ | 35 | $ | 1,874 | ||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 1,724 | 1,174 | 62 | 2,960 | ||||||||||||||||||||||
Nuclear fuel and other amortization | 130 | 50 | 22 | 202 | ||||||||||||||||||||||
Unrealized losses (gains) on marked to market derivative contracts – net | — | 2,429 | (179) | 2,250 | ||||||||||||||||||||||
Unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds – net | — | (137) | — | (137) | ||||||||||||||||||||||
Foreign currency transaction losses (gains) | — | 1 | (71) | (70) | ||||||||||||||||||||||
Deferred income taxes | 488 | (260) | (88) | 140 | ||||||||||||||||||||||
Cost recovery clauses and franchise fees | (202) | — | — | (202) | ||||||||||||||||||||||
Equity in earnings of equity method investees | — | (465) | — | (465) | ||||||||||||||||||||||
Distributions of earnings from equity method investees | — | 392 | — | 392 | ||||||||||||||||||||||
Losses (gains) on disposal of businesses, assets and investments – net | — | (93) | 4 | (89) | ||||||||||||||||||||||
Recoverable storm-related costs | (171) | — | — | (171) | ||||||||||||||||||||||
Other – net | (26) | (100) | 35 | (91) | ||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
Current assets | (312) | (889) | (26) | (1,227) | ||||||||||||||||||||||
Noncurrent assets | (86) | (172) | (58) | (316) | ||||||||||||||||||||||
Current liabilities | 576 | 564 | (2) | 1,138 | ||||||||||||||||||||||
Noncurrent liabilities | (7) | (6) | 61 | 48 | ||||||||||||||||||||||
Net cash provided by (used in) operating activities | 4,700 | 1,741 | (205) | 6,236 | ||||||||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||||
Capital expenditures of FPL | (5,000) | — | — | (5,000) | ||||||||||||||||||||||
Independent power and other investments of NEER | — | (6,799) | — | (6,799) | ||||||||||||||||||||||
Nuclear fuel purchases | (110) | (96) | — | (206) | ||||||||||||||||||||||
Sale of independent power and other investments of NEER | — | 384 | — | 384 | ||||||||||||||||||||||
Proceeds from sale or maturity of securities in special use funds and other investments | 2,223 | 878 | 132 | 3,233 | ||||||||||||||||||||||
Purchases of securities in special use funds and other investments | (2,302) | (952) | (244) | (3,498) | ||||||||||||||||||||||
Other – net | (8) | 21 | 28 | 41 | ||||||||||||||||||||||
Net cash used in investing activities | (5,197) | (6,564) | (84) | (11,845) | ||||||||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||||
Issuances of long-term debt, including premiums and discounts | 1,388 | 1,932 | 6,294 | 9,614 | ||||||||||||||||||||||
Retirements of long-term debt | (1,304) | (221) | (2,737) | (4,262) | ||||||||||||||||||||||
Proceeds from differential membership investors | — | 328 | — | 328 | ||||||||||||||||||||||
Net change in commercial paper | (852) | — | 2,895 | 2,043 | ||||||||||||||||||||||
Repayments of other short-term debt | — | (58) | (200) | (258) | ||||||||||||||||||||||
Payments from related parties under a cash sweep and credit support agreement – net | — | 295 | — | 295 | ||||||||||||||||||||||
Issuances of common stock/equity units – net | — | — | 7 | 7 | ||||||||||||||||||||||
Dividends on common stock | — | — | (2,267) | (2,267) | ||||||||||||||||||||||
Dividends & capital distributions from (to) parent – net | 1,265 | 2,734 | (3,999) | — | ||||||||||||||||||||||
Other – net | (21) | (193) | (220) | (434) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 476 | 4,817 | (227) | 5,066 | ||||||||||||||||||||||
Effects of currency translation on cash, cash equivalents and restricted cash | — | 1 | — | 1 | ||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (21) | (5) | (516) | (542) | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 160 | 842 | 544 | 1,546 | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 139 | $ | 837 | $ | 28 | $ | 1,004 |
———————————— | |||||
(a) | Florida Power & Light completed the regulatory integration of Gulf Power under its 2021 base rate settlement agreement and began serving customers under unified rates on January 1, 2022. As a result, Gulf Power is no longer a separate reporting segment. Amounts have been retrospectively adjusted to reflect the segment change. | ||||
(b) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
Preliminary | ||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Year-To-Date | |||||||||||||||||||||||
2021 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.84 | $ | 0.13 | $ | 0.23 | $ | 1.20 | ||||||||||||||||||
FPL – 2021 Earnings Per Share | $ | 0.39 | $ | 0.45 | $ | 0.47 | $ | 1.31 | ||||||||||||||||||
New investment growth | 0.05 | 0.05 | 0.04 | 0.14 | ||||||||||||||||||||||
Other and share dilution | — | — | 0.03 | 0.04 | ||||||||||||||||||||||
FPL – 2022 Earnings Per Share | $ | 0.44 | $ | 0.50 | $ | 0.54 | $ | 1.49 | ||||||||||||||||||
NEER – 2021 Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. | $ | 0.25 | $ | (0.16) | $ | (0.22) | $ | (0.13) | ||||||||||||||||||
New investments | 0.01 | — | 0.02 | 0.02 | ||||||||||||||||||||||
Existing generation and storage assets | 0.05 | 0.03 | (0.02) | 0.06 | ||||||||||||||||||||||
Gas infrastructure | (0.02) | — | 0.01 | (0.01) | ||||||||||||||||||||||
NextEra Energy Transmission | — | — | 0.01 | — | ||||||||||||||||||||||
Customer supply and proprietary power & gas trading | (0.02) | 0.02 | 0.06 | 0.06 | ||||||||||||||||||||||
Non-qualifying hedges impact | (0.65) | 0.33 | 0.48 | 0.17 | ||||||||||||||||||||||
NEP investment gains – net | — | — | 0.06 | 0.07 | ||||||||||||||||||||||
Change in unrealized gains (losses) on securities held in NEER's nuclear decommissioning funds and OTTI – net | (0.07) | (0.15) | (0.05) | (0.26) | ||||||||||||||||||||||
Impairment charge related to investment in Mountain Valley Pipeline | (0.31) | (0.01) | (0.01) | (0.33) | ||||||||||||||||||||||
Other, including other investment income, interest expense, corporate general and administrative expenses and share dilution | — | 0.01 | (0.01) | (0.01) | ||||||||||||||||||||||
NEER – 2022 Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. | $ | (0.76) | $ | 0.07 | $ | 0.33 | $ | (0.36) | ||||||||||||||||||
Corporate and Other – 2021 Earnings (Loss) Per Share | $ | 0.20 | $ | (0.16) | $ | (0.02) | $ | 0.02 | ||||||||||||||||||
Non-qualifying hedges impact | (0.11) | 0.30 | 0.04 | 0.21 | ||||||||||||||||||||||
Other, including interest expense and share dilution | — | (0.01) | (0.03) | (0.03) | ||||||||||||||||||||||
Corporate and Other – 2022 Earnings Per Share | $ | 0.09 | $ | 0.13 | $ | (0.01) | $ | 0.20 | ||||||||||||||||||
2022 Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. | $ | (0.23) | $ | 0.70 | $ | 0.86 | $ | 1.33 | ||||||||||||||||||
Florida Power & Light completed the regulatory integration of Gulf Power under its 2021 base rate settlement agreement and began serving customers under unified rates on January 1, 2022. As a result, Gulf Power is no longer a separate reporting segment. FPL and Corporate and Other amounts for 2021 have been retrospectively adjusted to reflect the segment change. | ||||||||||||||||||||||||||
Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||||||||||||||||||||||||
The sum of the quarterly amounts may not equal the total for the year due to rounding. |
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